Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,942/mo
Lowest payment- Down payment
- $186,804
- Funds due
- $206,232
- Interest + MI left
- $886,112
- First ends
- Nov 2055
Assumption
Assumption + second
$5,714/mo
+$772/mo- Down payment
- $90,804
- Funds due
- $111,530
- Interest + MI left
- $1,068,190
- First ends
- Nov 2055
New loan
New conventional
$6,110/mo
+$1,168/mo- Down payment
- $90,804
- Funds due
- $105,037
- Interest + MI left
- $1,227,049
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $713,096 | $713,096 | $809,096 |
| Second mortgage | — | $96,000 | — |
| First P&I | $4,595.43 | $4,595.43 | $5,602.02 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | — | — | $161.82 |
| Taxes, insurance & HOA | $346.33 | $346.33 | $346.33 |
| Total housing payment | $4,941.76 | $5,714.20 | $6,110.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,804
Closing costs & prepaids$20,726
Usable credit−$0
Total buyer cash needed$111,530
Earnest money paid−$0
Remaining funds due$111,530
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$8,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$3,565.48
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$389.00
Prepaid interest, first (2 days)$257.11
Prepaid interest, second (2 days)$47.34
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yrOf the original 30-year loan at 6.580%
Interest already paid$47,207Through Nov 2026
Assumption only · ends Nov 2055$886,112
Assumption + second · ends Nov 2055, second Dec 2056$1,068,190
New conventional · ends Dec 2056$1,227,049